Study Group Overview

In the past, when a technology was developed with the ability to break an existing cryptographic method, it was used on real-time or near real-time data. Today, the Internet has a massive storage capacity that allows years of data to be stored. This means that in 5 to 10 years, new technology could be applied to the stored data allowing it to be decrypted. This raises a question, is it too late to protect data already stored or being stored today from future attacks?

There are research centers around the world working to create a large scale, fault tolerant, general-purpose quantum computer.  This type of quantum computer is also referred to as cryptographically relevant quantum computer.  For many years, the question was – could such a computer ever be created? Now, there is some agreement that such a computer can be created although major work is still required. The new question is – when? The answer to that question will have a major impact on data communications and specifically the financial services industry.

Study Group Scope

The Quantum Computing Risk Study group was established in 2018 to review the state of quantum computing, determine the risks a cryptographically relevant quantum computer would pose to the financial industry and to try to determine a time period for when it is most likely that such a quantum computer will exist.  Based on this prediction, the group will propose a high-level roadmap for protecting information used by the financial services industry.  The study group has produced and maintains an informative report that covers the risks posed by quantum computing to the financial industry.  For a free copy of the paper and  more related information, visit X9’s Quantum Computing Information Page.  An updated version of the paper was recently released.  To participate on the study group, please complete the form below.